Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

A summary of stock option activity for the nine months ended September 30, 2021 under all the Company’s options plans is as follows:

	Options			Weighted Average Exercise Price
Outstanding at January 1, 2021		3,732,149		$	5.57
Granted		1,049,355		$	15.66
Exercised		(582,936	)	$	3.98
Cancelled (forfeited)		(53,600	)	$	7.71
Cancelled (expired)		(104	)	$	162.09
Outstanding at September 30, 2021		4,144,864		$	8.32

The weighted average fair value of options granted during the nine months ended September 30, 2021 was $12.87 per share.

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The Company valued the options granted using the Black-Scholes options pricing model and the following weighted-average assumption terms for the nine months ended September 30, 2021:

	Nine Months Ended
	September 30, 2021
Exercise price		$5.93 - $20.68
Market value		$5.93 - $20.68
Expected term		5 - 6 years
Expected volatility		105% - 109%
Risk-free interest rate		0.98% - 1.09%
Expected dividend yield		-%

The Company recorded stock-based compensation expense in the Condensed Consolidated Statements of Operations as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
General and administrative	$	1,077	$	909	$	2,848	$	1,415
Research and development		357		103		967		219
Total stock-based compensation	$	1,434	$	1,012	$	3,815	$	1,634

At September 30, 2021, the Company had $12.5 million of total unrecognized stock-based compensation expense, net of estimated forfeitures, related to outstanding stock options that will be recognized over a weighted-average period of 2.2 years.